California Resources Raises Quarterly Dividend 5% to $0.405 Per Share
California Resources Corporation, an oil and gas producer focused on California fields, declared a quarterly cash dividend of $0.405 per share, marking its fourth consecutive year of dividend growth. The payout represents a 5% increase from the prior annual rate.
California Resources Corporation (NYSE: CRC), an oil and gas producer operating in California, declared a quarterly cash dividend of $0.405 per share on March 1, 2026. The dividend represents a 5% increase from the company's previous annual dividend rate of $1.54 to $1.62 per share. Read more dividend announcements.
The dividend will be paid to shareholders of record as of March 13, 2026, with payment scheduled for March 20, 2026. This marks California Resources' fourth consecutive year of dividend growth since initiating its dividend program in 2021.
| Dividend Details | Information |
|---|---|
| Amount | $0.405 per share |
| Frequency | Quarterly |
| Record Date | March 13, 2026 |
| Payment Date | March 20, 2026 |
| Annual Rate | $1.62 per share |
Shareholder Returns Total $513 Million in 2025
California Resources returned $513 million to shareholders during 2025, including $377 million in share repurchases and $136 million in dividends. The company repurchased 8.3 million shares at an average price of $45.29 per share during the year.
Since mid-2021, the company has returned approximately $1,573 million to shareholders through $1,170 million in share repurchases and $403 million in dividends. In February 2026, the board approved a $430 million increase to the share repurchase program, bringing total authorization to $1.78 billion and extending the program through December 31, 2027.
As of February 28, 2026, California Resources had $600 million of capacity remaining under the repurchase program.
Strong Financial Performance Drives Capital Returns
The dividend increase comes as California Resources reported its highest annual free cash flow since 2021. The company generated $543 million in free cash flow and $865 million in net cash from operations during 2025.
Full-year 2025 adjusted EBITDAX reached $1,241 million, the highest since 2021, while net income totaled $363 million. Average daily production increased 25% year-over-year to 138 thousand barrels of oil equivalent per day, which included 79% oil.
California Resources closed its all-stock combination with Berry Corporation on December 18, 2025, and realized $235 million in merger-related synergies from its earlier Aera acquisition. The company's proved reserves totaled 654 million barrels of oil equivalent as of December 31, 2025, an increase of 20% from the prior year.
At year-end 2025, the company reported liquidity of $1,401 million, consisting of $117 million in available cash and $1,284 million of borrowing capacity under its revolving credit facility. The company had no outstanding borrowings under its $1,460 million credit facility.